RE: +18 %..tinmann and megphiGreat feedback gang.
Tinmann, I calculated the gross metal value a bit differently, but at 350 million tonnes I come up with the same gross metal value as yourself at $24/ton. 2% sounds a little low. If I use the following much more conservative assumptions,
- 10% instead of the 25 % for share of deposit,
- increase the cost coverage from 60% to 75%,
- use 40 million shares with 50% dilution (i.e. 60 million shares fully diluted),
- use $22/tonne gross metal value instead of $24/tonne
I come up with $3.25/share for TNR. I don’t know if I can get any more conservative than this so bottom line is that TNR at US$0.35ish looks to be very good value.
But megphi is probably right in that TNR will probably get taken out before anything is actually mined.
IMO